Singapore's residual fuel oil inventories experienced a 2% decline in August compared to the average levels recorded in July, as reported by Enterprise Singapore. This reduction in stock levels was observed alongside a decrease in net imports into the region.
The latest figures from Enterprise Singapore indicate that residual fuel oil stocks in Singapore fell by 350,000 barrels. This brought the total volume down to 18.62 million barrels during the period under review, reflecting a notable shift in inventory levels.
Concurrently, middle distillate stocks in Singapore also saw a reduction. Enterprise Singapore data showed a decrease of 400,000 barrels in these inventories. The total volume for middle distillate stocks settled at 9.61 million barrels.
The overall trend for August, as presented by Enterprise Singapore, points to a general contraction in key fuel inventories within Singapore. This includes both residual fuel oil and middle distillates, suggesting a dynamic market environment for these commodities.
